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2016-02-23

Veidekke ASA: Awarded major new contract in Bjørvika, Oslo

Veidekke Entreprenør has signed a contract with A9 Palekaia AS (50% Thongård
AS and 50% HAV Eiendom AS) to build the whole of the major Diagonale project
next to the Opera House in the centre of Oslo, where TV2 will be the largest
tenant. This is a turnkey contract valued at NOK 800 million, excluding VAT.

Last autumn Veidekke was commissioned to build the cellar phase of the
project, a contract worth NOK 150 million. The new contract includes the
cellar project and boosts Veidekke's order backlog by NOK 650 million excl.
VAT in the first quarter.

The Diagonale project is located between Dronning Eufemias gate and Operagata.
The entire project will include around 400 student homes, 14,000 m2of offices
and 4,000 m2of retail premises, cafés and restaurants at street level. The
project consists of two buildings linked by a common cellar.

"We are now looking forward to watching the buildings rise. Diagonale is a
spectacular project in an extremely attractive location. The combination of
student accommodation, restaurants and offices will bring life to the area
both during the day and in the evenings. With Veidekke we have a contractor
who knows Bjørvika well and who has extensive expertise and the ability to
execute this type of project," says Øystein Trøseid, chairman of the board of
A9 Palekaia AS.

"Diagonale is a strategically important project for Veidekke and will
strengthen our growth and position in Oslo. We are very grateful for the
trust placed in us and are looking forward to getting started on the rest of
the construction work," says District Manager Hans Olav Sørlie of Veidekke
Entreprenør Oslo.

The work on the cellar phase started in November 2015. The office building is
scheduled to be completed in January 2018, and the student accommodation in
July the same year.

Seewww.diagonale.nofor more information on the project.

For press photos, seewww.flickr.com/photos/veidekke,for more information,
contact:
District Manager Hans Olav Sørlie, tel. +47 91 74 49
23,hans-olav.sorlie@veidekke.no

Project manager Rune Fossland, tel. +47 901 66 480,rune.fossland@veidekke.no

Communications Manager Helge Dieset, Veidekke, tel. +47 90 55 33
22,helge.dieset@veidekke.no

General Manager Geir Inge Juriks, A9 Palekaia AS, tel. +47 95 05 13
89,geir.inge.juriks@haveiendom.no

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Veidekke is one of Scandinavia's largest construction and property development
companies. The company undertakes all types of building construction and
civil engineering contracts, maintains roads, and produces asphalt and
aggregates. The company's operations are characterised by involvement and
local knowledge. Revenue is NOK 24.5 billion (2015), and half of the 7,000
employees own shares in the company. Veidekke is listed on the Oslo Stock
Exchange and has always posted a profit since it was founded in 1936.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Illustration Diagonale project
http://hugin.info/172/R/1988589/730158.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Veidekke ASA via Globenewswire

HUG#1988589

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